In 2024, Romania’s AI innovation ecosystem showcased intriguing developments, highlighted by FintechOS’s €55.2M funding round. Though total investments so far are €28M less than 2023, there’s potential to exceed last year’s record. Notable rounds include FilmChain’s €2.8M seed and Genezio’s €1.8M pre-seed, cementing Romania as one of the top three CEE countries with 13.6% of AI startups.
The information in this article is based on The Recursive’s State of AI in 2024 report. Download it here and get the latest insights about the CEE startup ecosystem.
Over €160M raised by early stage VC funds
Romanian startups raised a significant portion of their funds in early stages, with 51% of rounds being seed-stage and 18% pre-seed. Major contributors like FintechOS (€55.2M) lead the landscape, followed by rising players like Creatopy, which secured €9.2M in a Series A round co-led by Vienna-based 3VC and Berlin-based Point Nine. Established in Oradea in 2021, Creatopy uses AI-enabled creative automation to help organizations produce personalized ads efficiently.
Romania also saw progress in venture capital. Four local funds raised over €160M in total fresh capital, empowering local startups with early- to mid-stage investments.
Growing AI infrastructure
Romania continues to lay a solid foundation for its AI future. The country has an approximate of 146 AI product companies as of August 2024, with 49,100 professionals working in AI—a key indicator of growth. The establishment of Romania’s first AI research institute at the Technical University of Cluj-Napoca marks another milestone. Featuring 30 advanced labs, the institute will focus on innovations in healthcare, transportation, and cybersecurity.
Additionally, Romania updated its AI strategy in 2024 to align with the EU AI Act, solidifying its commitment to ethical and effective AI deployment.
The UiPath snowball effect
Beyond its established unicorn UiPath, Romania is gaining traction among international investors. Companies like Creatopy are putting Romania on the map with innovative applications of AI technology, while other early-stage startups like Genezio and FilmChain are attracting attention with cutting-edge solutions.
Romania’s evolving AI strategy and growing funding ecosystem position it as a rising star in the CEE region’s innovation landscape. With increased investments and infrastructure, the country is poised to take its AI ecosystem to the next level.
